Technical Analysis for 13/12/2016
EUR / USD – EURO US DOLLAR
The price of the European currency is growing. It is because of the descending correction movement of the American dollar and efforts of investors to avoid the risk.
Though, the currency pair EUR / USD is still in the descending channel. The price grew from the level 1,5250 till the level 1,0600. Further, the currency pair EURUSD will continue growing till the level 1,0650.
The support is located at the level 1.0600, the resistance – at the level 1,0650.
Moving averages are indicating the bearish movement. MACD stays at the same level. RSI is moving in the neutral zone.
If the bearish trend stays, traders can start selling if the price drops till the level 1,0600. If that happens, the price may drop further till the level 1,0500. If the euro manages to stay up the level 1,0600, the ascending movement will be continued.
GBP / USD – BRITISH POUND DOLLAR
On Wednesday the meeting of the Federal Reserve of the USA is expected.The interest rate will be decided there. Investors are looking forward to that event, and the dollar stopped falling.
However, the British currency has not got the strongest positions comparing with the US dollar.
Though, the pound found the support at the level 1,2600. But the level 1,2600 was the limit of the descending movement of the currency pair GBP / USD.
The currency pair GBP / USD passed the level 1,2600, but did not manage to raise further. The pound managed to stabilize above 1,2600 just at the start of the American session.
All moving averages indicate the bullish trend in the market. The support is at the level 1,2600, the resistance – at the level 1,2700.
MACD stayed at the same level. RSI is moving upwards. If the currency pair GBPUSD stays below 1,2600, the downwards movement shall be expected. Potential targets are 1,2500 and 1,2400. If the currency pair manages to pass the level 1,2700, then it can move up to the level 1,2770.
USD / JPY – US DOLLAR JAPANESE YEN
Events in the world and in Japan influenced the Japanese currency in a very controversial way. The report about orders in the machine building that has been published recently, showed the growth above the forecasted.
That influenced the Japanese currency in a positive way. At the same time, the agreement to cut the crude oil production and the jump of oil prices influenced the yen in a negative way.
The currency pair USD / JPY is still being traded in a positive way. The price moved from the level 116,00 and turned back to the level 115,00. Moving averages indicate the ascending trend. The support is at the level 115,00 the resistance is at the level 116,00.
MACD is growing. RSI stays in the oversold zone. The most important level now is 116,00. If the currency pair USDJPY manages to pass it, the pair will start moving up to the level 117,00.